Australian Company Incorporation Services

To create greater efficiencies in the superannuation system, the government has introduced a new reform called ‘SuperStream’. Under SuperStream, employers must make super contributions by submitting data and payments electronically in accordance with the SuperStream standard.

Equally, all superannuation funds, including self managed super funds (SMSFs), must receive contributions electronically in accordance with this standard.

The government has just announced that the start date for the required changes has been pushed back for all employers and all superannuation funds.

From 1 July 2015:

• All employers (regardless of number of employees) must use SuperStream to send contribution data and payments electronically
• All super funds (including SMSFs) must receive any employer contributions sent to their fund in accordance with the SuperStream standard.

Employers have the option to implement SuperStream sooner than this date.

All SMSF trustees need to determine when employers intend to start implementing SuperStream.

It is important to note that contributions sent to an SMSF from a related-party employer are exempt from the SuperStream system. The fund can continue to make contributions using their existing processes.

The government concedes that businesses will need to make changes to accommodate the new system.

These may include:

• Upgrading your payroll system
• Using an outsourced payroll function or service provider
• Using a commercial clearing house or the free Small Business Superannuation Clearing House for organisations with 19 or fewer employees.

The government expects that once the SuperStream system is bedded down, the ongoing efficiencies it generates will outweigh its implementation costs.